Synopsis: Viswas Raghavan has joined Citigroup as the new head of banking, following a notable career at JPMorgan where he served as CEO for the EMEA region and led investment and corporate banking. Citi's CEO, Jane Fraser, is optimistic about Raghavan's ability to revitalize the bank’s multinational corporate division, emphasizing his extensive experience and leadership skills.
Viswas Raghavan, who recently joined Citigroup as its new head of banking, previously served as JPMorgan's CEO for the Europe, Middle East, and Africa (EMEA) region, where he also led the investment, corporate banking and treasury services.
Since joining JPMorgan in 2000, he held senior roles in debt and equity capital markets.
Citigroup announced Raghavan's appointment in New York this week, after hiring him from JPMorgan earlier this year. Citi's CEO, Jane Fraser, has expressed strong optimism for Raghavan, highlighting his rise through JPMorgan's ranks and his potential to revitalize Citi’s division catering to multinational corporations.
In a LinkedIn post, Fraser welcomed Raghavan, praising Citi's ability to attract top talent and anticipating the intensity he will bring.
Raghavan, described by former colleagues as a demanding manager with a confident style, holds bachelor's degrees in physics from the University of Bombay and electronic engineering and computer science from Aston University, and is also a chartered accountant.
Citigroup's investment banking revenue in the first quarter was $903 million, significantly less than JPMorgan's $2 billion.
Wells Fargo analyst Mike Mayo noted in February that Citi’s banking unit "can use a revamp" and suggested Raghavan was attracted by Citi's global footprint and the opportunity for improvement.
Citigroup has ranked fifth or sixth in global investment banking revenue over the past five years, with a market share of 4.8% so far this year, up from 4.1% in 2023.
This is still behind other large U.S. rivals, whose market shares exceed 6%.
Investors have responded positively to Fraser's leadership, with Citigroup's share price increasing by 19% this year, surpassing the S&P 500 index of bank stocks, which rose 13% in 2024.
In conclusion, Viswas Raghavan's appointment as Citigroup's new head of banking is seen as a strategic move to revitalize the bank's investment and corporate banking division.
With a strong background at JPMorgan and significant experience in capital markets, Raghavan brings a high level of expertise and intensity.
Citi's CEO Jane Fraser is optimistic about his potential to drive growth and improve performance.
Despite current challenges, including lower investment banking revenue compared to major rivals, Citigroup's share price has seen a notable increase under Fraser's leadership.
Raghavan's arrival is expected to further bolster Citi's global footprint and enhance its competitive positioning in the market.
Related Questions
1. What were Viswas Raghavan's previous roles at JPMorgan, and what is his new position at Citigroup?
Viswas Raghavan previously served as JPMorgan's CEO for the EMEA region and led investment, corporate banking, and treasury services. He has recently joined Citigroup as its new head of banking.
2. What are some key aspects of Raghavan's educational background and professional qualifications?
Raghavan holds bachelor's degrees in physics from the University of Bombay and electronic engineering and computer science from Aston University. He is also a chartered accountant.
3. How did Citigroup's CEO, Jane Fraser, respond to Raghavan's appointment, and what qualities did she highlight?
Jane Fraser expressed strong optimism for Raghavan, highlighting his rise through JPMorgan's ranks and his potential to revitalize Citi’s division catering to multinational corporations. She praised Citi's ability to attract top talent and anticipated the intensity Raghavan will bring.
4. What challenges and opportunities does Raghavan face at Citigroup compared to his previous role at JPMorgan?
At Citigroup, Raghavan faces the challenge of boosting investment banking revenue, which was significantly less than JPMorgan's in the first quarter. However, he has the opportunity to leverage Citi's global footprint and drive improvements in the banking unit.
5. What has been the market's response to Citigroup under Jane Fraser's leadership, and how might Raghavan's appointment impact this?
Under Jane Fraser's leadership, Citigroup's share price has increased by 19% this year, surpassing the S&P 500 index of bank stocks. Raghavan's appointment is expected to further bolster Citi's global footprint and enhance its competitive positioning in the market.
